Seoul shares open sharply lower amid persistent AI woes, rising oil prices
Korean shares opened sharply lower Friday, weighed down by overnight losses in U.S. artificial intelligence (AI) and semiconductor stocks, while rising oil prices added to market jitters. After opening 2.36 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) fell 156.6 points, or 2.83 percent, to 5,377.17 as of 9:15 a.m. Overnight, U.S. stocks closed mixed, with losses in major…
South Korean stocks plunged on Friday, as investor sentiment was dampened by losses in AI and semiconductor sectors overseas and rising oil prices, according to the latest market data. The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.83 percent to 5,377.17 by 9:15 a.m. local time, down 156.6 points from its previous level. The index experienced an initial drop of 2.36 percent when it opened at 11:30 a.m. on Friday.
The decline in global markets was largely attributed to mixed performances in U.S. stocks, with major technology shares, including the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite, all experiencing declines. Meanwhile, Micron Technology saw a sharp 6.26 percent drop, while Nvidia and Intel suffered 4.4 percent and 8.04 percent declines, respectively. These sector-specific downturns contributed to heightened concerns over the AI industry's future, further weighing down global markets.
In Seoul, large-cap shares opened lower, with Samsung Electronics, a market indicator, and its rival chipmaker, SK hynix, both recording declines of 3.26 percent and 2.21 percent, respectively. The combination of AI woes, surging oil prices, and geopolitical tensions in the Middle East, with Yemen's Iran-aligned Houthi rebels reportedly attacking Saudi Arabian facilities, added to the market's uncertainty and volatility.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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